Telstra buys into US app-maker

Telstra has bought a $A19.87 million stake in fast-growing US mobile app company Kony Solutions.Source: AAP

TELSTRA has bought a $US18.3 million ($A19.87 million) stake in US mobile app company Kony Solutions.

The strategic investment, by the Telstra Ventures investment arm, will also allow Telstra to offer Kony's pre-built mobile apps and app platforms to its business customers.

Kony sells pre-designed mobile apps and platforms that allow business customers to write their own apps and implement them across various channels, such as mobile, web and internal business uses.

"Workforces are becoming increasingly mobile, so the ability to deploy these apps across devices and operating systems is fast becoming a non-negotiable business requirement," Telstra Ventures managing director Mark Sherman said in a statement on Wednesday.

Kony Solutions is contemplating an initial public offering, Bloomberg has reported, with one analyst valuing the company at more than $US700 million.

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